ABU DHABI, November 21, 2025 – Abu Dhabi conglomerate International Holding Company (IHC.AD) has expressed interest in acquiring Lukoil’s (LKOH.MM) foreign assets, following clearance from the U.S. Treasury for companies to begin talks with the Russian oil giant. This move adds IHC to a growing list of potential buyers, which includes ExxonMobil, Chevron, and Carlyle Group, as global energy investors eye opportunities created by U.S. sanctions on Russian oil companies.

U.S. Treasury Clearance and Sanctions Impact

The U.S. Treasury recently authorized companies to negotiate with Lukoil regarding its international assets through December 13, 2025, following sanctions imposed on Russia’s two largest oil companies, Lukoil and Rosneft, aimed at pressuring Moscow over the ongoing Russia-Ukraine conflict.

Lukoil’s foreign portfolio, which has experienced growing disruptions since the sanctions, represents about 0.5% of global oil production. It includes:

• Three refineries in Europe
• Stakes in oilfields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, UAE, and Nigeria
• Hundreds of retail fuel stations worldwide, including in the United States

IHC’s Global Investment Ambitions

IHC, Abu Dhabi’s largest listed company, is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of the UAE president and head of two sovereign wealth funds. The conglomerate operates across multiple sectors including energy, healthcare, real estate, agriculture, and mining, with investments spanning the U.S., India, Latin America, and Africa.

The company has indicated that it could deploy $30 billion to $35 billion over an 18-month investment cycle, funded through a mix of debt and equity, signaling its capability to pursue large-scale acquisitions like Lukoil’s international assets.

Strategic Implications

Acquisition of Lukoil’s foreign assets would provide IHC and potential international buyers with access to refineries, upstream oil production, and retail fuel networks, enhancing their global energy footprint. Analysts note that the move could reshape the ownership landscape of Russian oil assets amid sanctions, while offering a pathway for sanctioned companies to monetize foreign holdings.

Conclusion

As U.S. sanctions on Russian oil companies take effect, Lukoil’s foreign portfolio has become a key target for international investors. With IHC joining major global energy players in bidding, the coming weeks are expected to determine how these assets will be restructured, potentially influencing global oil markets and investment flows.